Shiba Inu Community to Decide Fate of $100,000 in ETH

The Shiba Inu community is currently voting on a proposal to allocate 37.5 ETH, roughly $100,000, that it received from Welly’s, a partner project.

On August 31, Shiba Inu’s lead developer, Shytoshi Kusama, urged the project’s decentralized autonomous organization (DAO) to participate in this important vote. He explained that the proposal aims to ensure transparency and promote further decentralization within the ecosystem.

Shiba Inu DAO Decides How to Utilize $100,000 in ETH Funds

Kusama offered four ways to use the funds. The first option involves placing the funds in a new multisig wallet. A group of individuals, each with one vote, would manage this wallet, enabling the DAO to direct the funds as it sees fit.

“[The multisig would include] LC, GOSSIP Shib, and Kaal Dhairya, Shytoshi Kusama and an appointed signer chosen by vote by the DAO. These funds will go to a secondary vote for what can be done where the community can submit choices therein, and then the signers agree to execute as decided upon without regard to decision,” Kusama explained.

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The second option proposes burning the funds by purchasing SHIB tokens. The third option proposes funding a community project, but the wallet holder would manage it without input from the community. The final option would be to see the wallet owner retain the assets and halt future ecosystem funding.

Kusama stressed out that the DAO’s decision will be final and binding. He added that this vote marks a big step in transitioning Shiba Inu’s DAO from its V1 to V2 phase.

Snapshot data shows that the voting has begun, with over 55 billion SHIB tokens, representing 82% of the votes, supporting the first option. The burning option has received 12 billion votes or 17% of the total. The third and fourth options have not garnered any votes so far.

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Shiba Inu’s marketing lead, known as “Lucie,” expressed support for burning SHIB tokens. However, a community member argued that burning 35 ETH is insufficient given the massive SHIB supply. He suggested the funds could be better utilized for liquidity, Shibarium integration, product development, or BONE listings.

In response, Kusama hinted that this burn was just the beginning, noting that there are “more funds there and incoming!”